Religion-based apps, tools and communities are not new to investors. The LA-based app for daily prayer and Bible stories that was founded in 2016 has raised at least $34 million from investors, including Kleiner Perkins. Insight Partners acquired Ministry Brands in 2016 for over $1 billion, which is now looking to flip it.
Faith-based apps and communities are growing faster than ever, and getting more notice, because of the Pandemic that drove churches to close, and the most popular, Bible app, is now on more than 400 million devices worldwide.
The newest of these is a two-year-old, 60-person, subscription-based app that offers users guided meditation, along with audio bible passages and Christian music. The London-based outfit, whose 22-year-old co-founder and co-CEO, Ed Beccle, says he spends up to a third of his time in So Paulo, just raised $40 million in Series A funding.
Despite his young age, he talked about his first company, Glorify. He dropped out of high school at the age of 16 to work on his startup after selling his previous company.
He laid out a vision that goes beyond meditation and Bible readings. He showed how wealthy celebrities and startup entrepreneurs are coming together. Excerpts of that chat are edited lightly.
This is your third or fourth startup. Do you see an opportunity or is it a combination of both?
I think a combination of both. When you are young and doing exciting things, it is hard not to get a little bit pragmatic. I stopped and thought, "I can afford all the rides in the world, and I don't spend any other money." I do not have a mortgage or dependents. If I could do anything, what would I do?
Tech has always been changing the way people think and feel. That is what I am obsessed with. This company is more than just a business, and I am proud of it. I have come at it from a lot of different angles and one is very much on an emotional level and my own beliefs around faith. It is the most incredible commercial opportunity. I think it will be much bigger than people realize.
You have a group of investors. How did that happen?
I think it came together because of my constant trying and chatting to as many people as I can and putting myself in a lot of awkward situations to get in front of the right people. I think that that was a huge shock, because Michael Kives, my former Hollywood agent, sent me a message that said, "Are you free on whatever the date was?" There were probably 25 people on the guest list that he sent over, and I was one of them. It was crazy. I walk through the door, and there was Michael and Jason, and I think what you see on the press release is the tip of the iceberg. Some of the names have been released.
It comes down to: Why did we do it? Why have I tried so hard to get them involved? It is because we are trying to create a cultural movement around faith and making believing in God and something greater, something that can really change your life. My goal is to get these people to talk about their faith in a way that makes them feel good.
Some of the business metrics that made these people decide to commit to the venture, can you tell me about them?
Over the last year or so, we have had 2.5 million downloads, and we are averaging at least 250,000 people daily. The last six months have seen a lot of growth, and I think it has been semi organic. It is not from the viral K factor. It was too early to start introducing things like that.
Is this going to become a full-fledged social network?
When we talk about it being a social network, 100%. Trying to look at social differently is what it is. We want to make sure that we maximize for different things. I want to build communities that are meaningful and purpose-led, rather than things that are mass and superficial. The user isn't the product, we don't monetize through ads. We want to bring people closer together, not necessarily in large groups, but through amazing micro interactions that can exist and bring you closer to a small group of people who you really care about.
Are you close to break-even?
It is very intentional. We have proven paid conversion and we are really happy about that. The daily worship product will still be in the app, but we think we can take that audience and direct them to other products that we have created.
Are you talking about virtual tithing? Is it a Bible study?
An example would be in Christian dating. It's an amazing space, but anyone who really tries to build within it has to become a Christian, using visuals to be the primary way you match people. I am not sure if that is the right way to go about it. If you are a user of Glorify, we will be able to match you with people based on shared beliefs, where we have a competitive advantage over anyone.
Henry Costa and Ed Beccle are the co-CEOs of Glorify. Costa and his friends met at a co-working space. Costa was asked if he would be his co-founding partner at Grasp. They co-founded a company.
